Consider the following abbreviated financial statements for Parrothead Enterpris
ID: 2814115 • Letter: C
Question
Consider the following abbreviated financial statements for Parrothead Enterprises:
PARROTHEAD ENTERPRISES
PARROTHEAD ENTERPRISES
2014 and 2015 Partial Balance Sheets
2015 Income Statement
Assets
Liabilities & Owners’ Equity
Sales
12589
2015
2014
2015
2014
Costs
5265
Current assets
916
945
Current liabilities
396
463
Depreciation
1098
Net fixed assets
3958
4438
Long-term debt
2077
2205
Interest
177
In 2015, Parrothead Enterprises purchased $1083 in new fixed assets. How much in fixed assets did Parrothead Enterprises sell?
PARROTHEAD ENTERPRISES
PARROTHEAD ENTERPRISES
2014 and 2015 Partial Balance Sheets
2015 Income Statement
Assets
Liabilities & Owners’ Equity
Sales
12589
2015
2014
2015
2014
Costs
5265
Current assets
916
945
Current liabilities
396
463
Depreciation
1098
Net fixed assets
3958
4438
Long-term debt
2077
2205
Interest
177
Explanation / Answer
Solution :
Statement showing sale value of Fixed Assets of Parrot head Enterprises during 2015
Thus, the sale value of Fixed Assets of Parrothead Enterpries for the year 2015 is $ 465.
Sl.No. Particulars Amount in $ 1. Beginning value of Fixed Assets (2015) 4438 2. Add: Capital Expenditure (Purchase of Fixed Assets in 2015) 1083 3. Less : Depreciation -1098 4. Less : Closing value of Fixed Assets ( 2015) -3958 5. Sale value of Fixed Assets in year 2015 465Related Questions
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